Chevron Corporation today announced the signing of an agreement to sell Chevron España S.A. and Chevron Estaciones de Servicio S.L. to Compañía Española de Petróleos, S.A. (CEPSA). The sale includes Chevron’s Spanish fuels, finished lubricants and aviation businesses and the Valencia lubricants blending plant. The sale will not be completed until necessary regulatory approvals have been received.
The sale will see CEPSA assume ownership of around 62 Texaco-branded service stations in the Canary Islands, its aviation supply agreements at 11 airports, and the lubricants blending plant at Valencia, finished lubricants sales and marketing operations in Spain, excluding lubricants global accounts. There will be a short term brand licence in place to allow CEPSA to switch over to its own brand.
Chevron will retain its Marine Lubricants business in Spain.
Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, California.
